Current financial instrument trading systems allow traders to transmit messages to submit new orders, cancel existing orders and modify existing orders. Typically trade engines process each individual message and create corresponding market data messages. Market data messages are transmitted to traders and other entities. Existing systems provide traders and other users with several options regarding the use of messages. For example, if a trader wishes to change the price of an existing order for a financial instrument, the user can submit a modify order message or submit a cancel order message and a new order message. Choices made by traders impact the number of messages required to implement trading strategies.
Message traffic can strain computer systems and networks that are used to transmit such messages. The processing of messages and associated overhead consumes bandwidth and processing time. Large numbers of messages also have corresponding large memory and storage requirements.
Therefore, there is a need in the art for improved systems and methods for monitoring messages and providing incentives for the efficient or optimized use of messages.